Domestic Economy

$1.4b Surplus in Q1 Foreign Trade

$1.4b Surplus in Q1 Foreign Trade
$1.4b Surplus in Q1 Foreign Trade

Exports exceeded imports in the first quarter of the current Iranian year (started March 20) by $1.47 billion.

The figure stood at $713 million during the same period of last year, the latest report by the Islamic Republic of Iran Customs Administration shows.

IRICA’s figures also show that foreign trade stood at $19.47 billion during the three-month period, registering a 9% decline compared with the same period of last year.

Exporters sold 27.78 million tons of goods worth $10.47 in the international markets, 5.3% less in value compared with the corresponding period of last year.

Meanwhile, the first quarter saw importers bring in 7.26 million tons of commodities worth $9 billion to the country, 13% less over last year’s similar quarter, ISNA reported.

“The decline in Iran’s non-oil exports is to blame on both the global falling prices of natural gas condensates and the increase in their domestic consumption,” the deputy head of Trade Promotion Organization of Iran, Mohammad Reza Modoudi, said.

Despite a 15% decline in the first two months of the current Iranian year over last year’s similar period, non-oil exports rebounded during the third Iranian month.

Iran’s foreign trade in the third month of the Iranian year reached $7.117 billion, of which imports and exports accounted for $3.504 billion and $3.613 billion respectively.

Exports of 4.185 million tons of natural gas condensates, which constituted 16.14% of the total value of exports, stood at $1.69 billion, down from $2.6 billion in the first quarter of last fiscal year.

Also, about 7.137 million tons of petrochemical products worth $3.54 billion were exported, which marks a 3.78% drop.

Exports of the “other non-oil goods” category, constituting half of the total value of country’s exports, rose by 10% to stand at $5.24 billion.

Petroleum gases and hydrocarbons ($434 million or 4.14% of the total exports), ferrous products and non-alloy hot-rolled steel sheets ($354 million or 3.39%), liquefied propane ($343 million or 3.27%) and light crude oil and its products, except for gasoline ($291 million or 2.78%), were other major exports during the three-month period.

The average price of each ton of exported goods stood at $377, indicating a 12.73% decline.

China remained the top export destination for Iranian products. The Asian country imported 8.27 million tons of goods worth $2.25 billion (22% of total). Exports to China had a 12.62% rise.

The UAE imported 4.131 million tons of Iranian goods worth $1.77 billion. Exports to the UAE, which accounted for 17% of Iran’s total exports, experienced an 11% decrease.

About 3.775 million tons of goods worth $1.51 billion were exported to Iraq, making the neighboring country the third largest importer of Iranian products.

South Korea and India shipped $849 million and $775 million of Iranian products respectively.

Field corn ($272 million or 3.03% of the overall imports), soybean ($221 million or 2.45%), soybean meal ($215 million or 2.39%), rice ($197 million or 2.19%) and auto parts ($160 million or 1.77%) were Iran’s main imports in the spring of 2016.

The main exporting country to Iran was China, selling some 955,000 tons of goods worth $2.04 billion, accounting for 22% of Iran’s market.

The UAE exported 1.21 million tons of goods worth $1.53 billion to Iran. Despite a 37% decline, the Arab country kept its title as Iran’s second largest trading partner.

With exports valued at $650 million and $630 million, South Korea and Turkey turned out to be Iran’s third and fourth largest importers.

The average price of each ton of imported commodities stood at $1,239, posting a 6.26% rise.